Allowance can be the first contact children have with money, so it needs to be well-targeted so that their children have some sense of financial management.
But how do you get the allowance distributed and still encourage your children to value every penny?
Next we will teach parent readers how to give their children a allowance. Good reading.
Why give money to my children?
Certainly this question is what most circulates in the minds of most parents: what the purpose of the allowance.
Many parents adopt the measure of reward versus punishment, such as giving allowance in exchange for high grades or good behavior at school.
This kind of encouragement is not much recommended, since children can learn to be good at something, and that is certainly not the intention of those responsible.
Instead of the reward vs. punishment system, consider setting a fixed allowance regardless of the results your children get.
However, double the amount of the allowance as a form of congratulation when you achieve better results and also help with household chores.
So your children will not be tied to a nonexistent pattern of perfection, but rather will be encouraged to overcome themselves.
How much money should I give my children?
This is a very particular issue of each family’s budget, but it is always recommended to start with small amounts and gradually increase.
Think kids will rather spend on candy and toys while teens might want games, books and clothes.
A good tip for low income parents is to start saving their children’s allowance from early on, so that when they grow up they can enjoy a higher allowance.
- How Parents Can Help Teenagers Manage Money
Some cool tips
- Present your children a table of family income and expenses so they can learn the importance of work and money;
- Teach your children to save the allowance to buy something of greater cost that they want;
- Encourage your children to participate in household chores. To do this, mount a table with the activities and the amount gained by completing each one. Seek to marshal your financial rewards with your child’s hobbies, for example:
- Take out garbage from the bathroom = 0.50 cents;
- Sweep the room = worth half an hour more video game;
- Feed and collect the coconut from the pet = 0.80 cents;
- Rub the bathroom box = 1 hour more than internet.
If you have no idea how to do this, do a search for Google, there are many tables in this style that can help.
Also, try to distribute the activities according to the age range of your children, but without taking away their responsibilities.
Keep in mind that washing your dirty dish, making your own bed, and doing homework should be a must, so your kids will be more responsible adults.
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